ENBD REIT announces H1 NAV to 30 September 2022

ENBD REIT announces H1 NAV to 30 September 2022

DUBAI - ENBD REIT (CEIC) PLC (ENBD REIT), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value (NAV) as at 30 September 2022, reflecting a continued improvement to USD 172 million (USD 0.69 per share), up from USD 166 million the previous quarter and USD 164 million as of 30th September, 2021.

The property portfolio value increased by USD 4.7 million from the previous quarter to USD 362 million, driven by a portfolio-wide improvement in occupancy rates reaching 84 percent, from 75 percent this time last year, thanks to a sustained momentum in leasing activity as the real estate market experiences strong growth.

Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: “We are pleased to announce a robust performance across the portfolio for the first half of the year, building on the positive trajectory initiated in the first quarter. Occupancy rates and gross income continued to rise, driving the uptrend in portfolio valuations across all sectors.

In a buoyant Dubai real estate market, we will maintain a cautious risk management strategy and prudent capital management approach to ensure that we continue to deliver reliable returns to our shareholders,